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Market Chatter: Tata Trusts Gets Regulatory Relief Ahead of Tata Sons Succession

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Tata Trusts said the Maharashtra Charity Commissioner has closed a complaint related to the transfer of 833 Tata Sons shares in 1989, removing restrictions that had affected one of its trusts, Bloomberg reported Thursday.

The order, dated Sept. 2, allows the affected trust to resume convening internal meetings and participate in the process to select a successor to Tata Sons Chairman N. Chandrasekaran, who is due to step down in February, the report noted.

The complaint alleged that the shares were improperly transferred to Naval H. Tata from the Navajbai Ratan Tata Trust without proper consideration, documentation or approvals.

Tata Trusts owns 66% of Tata Sons.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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